Health Insurance is a protection offered against any financial losses incurred due to sudden medical fallouts. With the increasing medical costs and higher exposure to diseases, it has become a necessity for everyone to stay financially and mentally prepared for circumstances that might affect their health.
Once you buy a policy, it is also important to get a Health insurance renewal at the end of the policy tenure, in order to keep the cover going. Most of the leading health insurance providers offer online renewal.
While renewing your policy can have a lot of benefits including No-Claim Bonuses, Loyalty discounts, and Cashless facilities, you can also choose to stay with your current health insurance provider or switch to one offering better terms at the time of renewal. Under IRDA guidelines, ‘insurance portability’ allows you to switch over from one insurer to another without having to go through the waiting periods all over again, and also without losing out on any renewal benefits.
It is important that you renew your health insurance policy before it expires, preferably within 15 days prior to the expiry date. However, in extreme cases, the Health insurance renewal can be made within a grace period of about 15 days from the date of expiry.
Renewing your policy online not only saves you a lot of time but also gives you the flexibility of payment via a range of options. Health insurance renewal is a simple and quick process with Policyfy, and takes just a couple of minutes and a few clicks to complete. There are just four simple steps to be followed –